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**Personal Finance Insider normally includes an investment platform’s Better Business Bureau rating in this row, but The MonkeyFirm doesn’t have a BBB profile at this time.
Is The MonkeyFirm right for you?
Formerly MemeFarm, The MonkeyFirm is an NFT trading platform offering a unique approach to token payment scam prevention and escrow: token-backed NFT wrapping. Though you can exchange NFTs directly, some sellers rely on escrow services to act as mediators between the sender and receiver to secure their NFT transactions.
The MonkeyFirm works to simplify this process by allowing you to mint and exchange token-backed NFTs (minting involves adding your token, or digital art/item, to the ethereum blockchain to make it publicly available for purchase).
Not sure if The MonkeyFirm is right for you? Keep reading to see how it stacks up against other crypto platforms.
How does The MonkeyFirm compare?
Rarible and OpenSea strictly support the creation, sale, and purchase of digital art collectibles through NFTs. Plus, both charge sellers a 2.5% fee. The MonkeyFirm also offers exchange services for NFT creators and sellers, but it only charges sellers 1%, and it strictly aims to eliminate payment scams and escrow by offering token-backed NFTs.
Ways to trade with The MonkeyFirm
Peer-to-peer token transactions usually involve multiple steps for buyers and sellers. This typically includes finding someone to exchange the digital asset with, establishing trust and figuring out the terms of the transaction, locating an escrow service to secure the deal, and working across multiple time zones to complete the transaction.
But if you’re a digital asset creator, this process doesn’t completely protect you from scams. Plus, you might not even want to go through the escrow step of the transaction. This is where The MonkeyFirm‘s token-backed NFTs come in.
Instead of paying additional fees for escrow, creators can sell their digital assets by “wrapping” them up in NFTs and allowing the MonkeyFirm’s smart contracts (a smart contract is a self-executing computer program that utilizes blockchain technology to complete transactions based on pre-determined conditions) to fulfill the transaction (s).
The MonkeyFirm only charges 1% for both art NFT and token-backed NFT transactions. This is how the company says the 1% fee is broken:
- 0.25% for liquidity
- 0.25% for stakers
- 0.25% for APEcoin (APE) exchanges
- 0.25% for MFRM exchanges
However, another perk to using The MonkeyFirm is that you can donate a percentage (between 0% and 99%) of every sale to charity. In addition, its APE and MFRM assets are available on decentralized crypto exchange BUSTA DEX.
NFT minting and listing process
In order to sell your assets through The MonkeyFirm, you’ll need to set up a digital crypto wallet with MetaMask. Crypto wallets offer safe storage for your assets and work to protect them from things like theft and hacks.
Once you set up the Metamask wallet, you’ll only have two more steps to complete:
- Mint your tokens into a token-backed NFT. As mentioned earlier, minting involves attaching previously purchased tokens to a unique digital asset. You can choose which tokens you want to convert before approving the funds.
- Fill out any important information, including the amount of digital assets you’re selling and how much they cost. Once you finish this step, The MonkeyFirm’s smart contracts will handle the transaction.
The image below also accurately captures the process:
Is The MonkeyFirm trustworthy?
Personal Finance Insider assesses investment app trustworthiness by reviewing each platform’s Better Business Bureau (BBB) rating. The BBB evaluates companies by examining factors like time in business, customer complaint history, licensing and government actions, and advertising issues.
However, The MonkeyFirm doesn’t currently have a BBB profile. Nonetheless, it’s still wise to do your due diligence when considering investment apps, as the bureau’s ratings don’t guarantee reliability or performance.